This 2023 could set a new record for the international price of oil, after the International Energy Agency (IEA) raised this Friday the estimate of global demand for crude oil to 102.2 million barrels per day, as had been anticipated. at the beginning of the first trimester.
Precisely, in February 2023 the IEA it had already warned levels of 101.9 million barrels per day compared to 99 million in 2022 and 97.6 million in 2021. Only in June of this year was the ceiling of 103 million touched and nothing suggests that in the month of August this figure can de-escalate.
According to the entity associated with the Organization for Economic Cooperation and Development (OECD), these historical peaks respond to the start of the travel season in the northern hemisphere, which arrives to adjust the markers on days when the market receives greater demand. by travel, electricity generation from oils and an increase in petrochemical activity in China.
But high demand is not the only problem for the IEA. The international supply of oil has also moved the needle on the boards this week, after it was confirmed that global production fell by 910,000 barrels per day in July.
OPEC+ cuts offer
In May, the nine countries that make up OPEC+ agreed to a sporadic reduction in oil production, a policy that has been accelerated by Saudi Arabia.
The Saudi decline pushed the cartel’s production down by 1.2 million barrels a day, while producing countries outside the organization posted output of 310 billion barrels a day. Russia also pledged to cut its crude exports from 500,000 barrels a day in August to 300,000 in September.
The IEA expects that in 2024 the demand for oil will increase to 103.2 million barrels per day. The agency considers, however, that this unexpected growth in demand is temporary.
The key
Takeoff. The price of intermediate oil from Texas (WTI), a marker for the region, closed the week with an increase of 37 cents to US$83.19 per barrel, and completed the seventh consecutive week of increases, operators reported.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
